According to a report by CoinDesk, Wall Street investment bank Bernstein has raised its year-end price prediction for Bitcoin (BTC) from $80,000 to $90,000. Additionally, Bernstein has also revised its previous prediction for the post-halving Bitcoin network hash rate. The company initially forecasted a 15% decrease in hash rate, but in the latest report, it has adjusted the estimate to a 7% reduction. Analysts Gautam Chhugani and Mahika Sapra from Bernstein wrote in the report:
On the other hand, Bernstein analysts also updated their valuations for cryptocurrency mining stocks:
– Target price for CleanSpark (CLSK) was raised from $14.20 to $30.
– Target price for Riot Platforms (RIOT) was lowered from $22.50 to $22.
– Price target for Marathon Digital (MARA) was raised from $14.30 to $23.
The report also mentioned that Riot and CleanSpark will emerge as “the largest self-miners” in the industry.
Bernstein’s analysts have a contrasting view compared to Morgan Stanley analysts. According to a previous report by Zombit, Morgan Stanley analysts stated in their report released this week that, despite experiencing a pullback, Bitcoin is currently in an “overbought state” and profit-taking may become more frequent as the Bitcoin halving approaches.
